Bristol-Myers sells ConvaTec wound-care unit

Drugmaker Bristol-Myers Squibb Co. said Friday it has completed the sale of its high-tech dressing and wound-care business, which will free up money needed to buy the company's cancer drug partner, ImClone Systems Inc.

New York-based Bristol-Myers had announced in early April that it intended to sell its ConvaTec unit as part of a strategy unveiled last December called "String of Pearls," aimed at shedding non-core assets and moving into the biotech business via acquisitions.

Bristol-Myers, the world's No. 14 pharmaceutical company by sales, sold ConvaTec for about $4.1 billion to two private equity funds, Nordic Capital and Avista Capital Partners.

ConvaTec, based in Skillman, N.J., has more than 3,500 employees in 91 countries and serves patients and medical professionals on six continents. The company is a leader in advanced products for treating chronic and acute wounds and ostomies, surgically created artificial passages for bodily eliminations, such as a colostomy.

On Thursday, Bristol-Myers offered $4.5 billion for New York-based ImClone, its partner since September 2001 in developing the drug Erbitux, which is approved for treating advanced colorectal cancer and head and neck cancers. Bristol-Myers executives said Thursday that their company can help ImClone boost sales of Erbitux and get its experimental cancer compounds approved as new drugs.

Bristol-Myers already owns about 17 percent of ImClone and knows the company well, so it said it does not expect the deal to be delayed by regulatory issues or the need to go through ImClone's books.

For Subscribers

FOR SUBSCRIBERSCBP leaders cut out of Trump ad buy decision

FOR SUBSCRIBERSAmerican passenger drafted goodbye texts to her family as Flydubai plane plummeted

FOR SUBSCRIBERSCornell rape allegation pushes embattled New York prosecutor into national spotlight

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

Late Thursday, ImClone issued a brief statement saying it is "currently studying the situation."

For Subscribers

FOR SUBSCRIBERSCBP leaders cut out of Trump ad buy decision

FOR SUBSCRIBERSAmerican passenger drafted goodbye texts to her family as Flydubai plane plummeted

FOR SUBSCRIBERSCornell rape allegation pushes embattled New York prosecutor into national spotlight

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

ImClone Chairman Carl C. Icahn, the billionaire activist investor, won control of ImClone in 2006 after a proxy battle that led to the departure of the CEO and four board members. Icahn was named chairman and created an executive committee to lead the company. John H. Johnson was named CEO in August of 2007.

Bristol-Myers shares slipped 1 cent to $21.11 in Friday trading.